options awarded under the Company's stock option plan. At December 31,2005, there were 1,018,648,623 warrants outstanding.

Real Estate Operations
During 2005, the Group continued to divest its investment properties, which were valued at 49 million euros at December 31, 2005, 13 million euros less than at the beginning of the year.
Disposals completed in 2005, which did not have a material financial impact, involved the following properties:
  • A building on Via Guerrini in Ravenna;
  • A building on Via Massimo D'Azeglio in Ravenna.;
  • A portion of a building on Via Tor Tre Teste in Rome.
In 2004, as part of the corporate restructuring process, most of the Group's real estate assets (other than those owned by Edison Spa) were transferred to the subsidiary Come Iniziative Immobiliari Srl, which then changed its name to Montedison Srl.
Other Continuing Operations
Water Distribution and Treatment (IWH)
Financial Highlights
(in millions of euros) 2005 2004 % change
  IAS/IFRS IAS/IFRS  
Sales revenues 31 27 14.8%
EBITDA 8 4 100%
as a % of sales revenues 25.8% 14.8%  
Capital expenditures 11 10 n.m.
Number of employees (1) 4 7 n.m.
(1) End of period amount.
Note: The data in the table above reflect the Group's interest in operations that are consolidated at 50% by the proportional method.
Revenues for 2005, which totaled 31 million euros, were generated primarily by operations carried out in Guayaquil under license. The growing profitability of these operations also accounts for the sharp improvement in EBITDA, which rose to 8 million euros, or 100% more than the amount earned in 2004.
Engineering (Tecnimont)
Financial Highlights
(in millions of euros) 2005 2004 % change
  IAS/IFRS IAS/IFRS  
Sales revenues 221 256 n.a.
EBITDA 15 20 n.a.
as a % of sales revenues 6.8% 7.8%  
Capital expenditures 1 2 n.a.
Order backlog (1) - 568 n.a.
Number of employees (1) - 1,578  
(1) End of period amounts.
Note: the data for 2005 cover only the first half of the year, as these operations have been divested (IFRS-5).
As explained in the section of this report that reviews the Group's operating performance, the 2005 data shown in the table above cover only the first half of the year, as these operations have been divested (IFRS-5).
Energy: It is our business and
the force that inspires us.
It an engine of creativity, growth, productivity, progress and change.